Latest news with #USPH
Business Wire
28-05-2025
- Business
- Business Wire
U.S. Physical Therapy Announces Dual Listing on NYSE Texas
HOUSTON--(BUSINESS WIRE)--U.S. Physical Therapy, Inc. (the 'Company') (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services headquartered in Houston, Texas, today announced a dual listing of its common stock on NYSE Texas, the newly launched fully electronic equities exchange based in Dallas, Texas. U.S. Physical Therapy will maintain its primary listing on the New York Stock Exchange and trade with the same 'USPH' ticker symbol on NYSE Texas. Chris Reading, Chairman and Chief Executive Officer, said, 'We are honored to join NYSE Texas as a Founding Member and to champion the dynamic growth, energy and grit that define this great state. Being based in Texas has been a key advantage for us – helping us attract top talent and playing a significant role in our growth and success across the nation. Texas' strong and diverse economy makes it an exceptional place to do business.' 'As the first healthcare company to list on NYSE Texas, we are proud to welcome Chris and the USPH team to our growing community of Founding Members,' said Chris Taylor, Chief Development Officer, NYSE Group. About U.S. Physical Therapy, Inc. Founded in 1990, U.S. Physical Therapy, Inc. owns and/or manages 776 outpatient physical therapy clinics in 44 states. USPH clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. USPH also has an industrial injury prevention business which provides onsite services for clients' employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments. More information about U.S. Physical Therapy, Inc. is available at The information included on that website is not incorporated into this press release.
Yahoo
09-05-2025
- Business
- Yahoo
US Physical Therapy Inc (USPH) Q1 2025 Earnings Call Highlights: Record Demand and Strategic ...
Release Date: May 08, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. US Physical Therapy Inc (NYSE:USPH) reported a record high average visits per day for any first quarter in its history, indicating strong demand. The company's injury prevention segment saw a significant revenue increase of 29% year-over-year, showcasing robust growth. USPH's strategic focus on increasing reimbursement rates through contract negotiations has resulted in a net rate increase despite Medicare rate cuts. The acquisition of Metro, USPH's largest acquisition, has shown promising results with high visits per clinic per day and strong leadership. USPH's balance sheet remains strong with a favorable term loan rate and a well-positioned capital structure for future acquisitions. USPH faced significant weather-related disruptions in the first quarter, resulting in the loss of approximately 26,000 visits. The company's physical therapy margin decreased from 17.9% in the first quarter of last year to 16.3% this year, partly due to acquisitions with lower margins. There is ongoing pressure from Medicare rate cuts, which have accumulated to a significant profit impact over the years. USPH's mature clinic revenue was down year-over-year, impacted by weather and calendar effects. The company is cautious about updating guidance due to uncertainties and prefers to wait for more data before making adjustments. Warning! GuruFocus has detected 7 Warning Signs with USPH. Q: Can you explain the impact of weather on mature clinic revenue and how it affected the overall volume? A: Chris Redding, Chairman and CEO, explained that the weather had a significant impact, particularly in large partner markets like Nashville and Texas, where clinics were closed for multiple days due to extreme weather conditions. Despite this, demand remains high, and they expect a rebound in volume as indicated by strong performance in March. Q: How has US Physical Therapy historically managed economic downturns, and what is the current outlook? A: Chris Redding noted that during the 2008-2009 recession, the company made strategic adjustments and continued to grow. They have a playbook from that period and are prepared to implement similar strategies if necessary. Current demand is strong, and they are optimistic about managing any potential downturn. Q: What are the growth drivers for the Industrial Injury Prevention (IIP) segment, and what is the potential for expansion? A: Chris Redding highlighted that the IIP segment is driven by successful injury prevention programs that reduce reported injuries and insurance claims for clients. The segment has significant greenfield opportunities, and while there are fewer acquisition targets, the organic growth potential is substantial. Q: Can you provide more details on the home care opportunity and its attractiveness? A: Chris Redding explained that home care is attractive due to patient demand for convenient care and the ability to serve patients who are temporarily homebound. It offers flexibility for clinicians and is profitable due to higher reimbursement rates in certain markets like New York. Q: What progress has been made in renegotiating rates for Metro, and what impact has this had? A: Kerrie Hendrickson, CFO, stated that Metro has seen rate improvements, with a significant contract taking effect in May. The rate for Metro increased from $102.40 to $104.50 per visit in the first quarter, with further improvements expected as more contracts are renegotiated. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
08-05-2025
- Business
- Business Insider
Analysts Offer Insights on Healthcare Companies: US Physical Therapy (USPH) and Barinthus Biotherapeutics (BRNS)
Companies in the Healthcare sector have received a lot of coverage today as analysts weigh in on US Physical Therapy (USPH – Research Report) and Barinthus Biotherapeutics (BRNS – Research Report). Protect Your Portfolio Against Market Uncertainty Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter. Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox. US Physical Therapy (USPH) In a report released today, Ryan Daniels from William Blair reiterated a Hold rating on US Physical Therapy. The company's shares closed last Wednesday at $70.96. According to Daniels is a 4-star analyst with an average return of 7.7% and a 49.6% success rate. Daniels covers the Healthcare sector, focusing on stocks such as Definitive Healthcare Corp, Lifestance Health Group, and Pediatrix Medical Group. The word on The Street in general, suggests a Strong Buy analyst consensus rating for US Physical Therapy with a $108.25 average price target. Barinthus Biotherapeutics (BRNS) In a report released today, Andy Hsieh from William Blair reiterated a Buy rating on Barinthus Biotherapeutics. The company's shares closed last Wednesday at $0.99, close to its 52-week low of $0.80. According to Hsieh is a 4-star analyst with an average return of 6.0% and a 43.7% success rate. Hsieh covers the Healthcare sector, focusing on stocks such as Structure Therapeutics, Inc. Sponsored ADR, Corbus Pharmaceuticals, and Terns Pharmaceuticals. The word on The Street in general, suggests a Strong Buy analyst consensus rating for Barinthus Biotherapeutics with a $4.50 average price target.
Business Wire
07-05-2025
- Business
- Business Wire
U.S. Physical Therapy Reports First Quarter 2025 Results
HOUSTON--(BUSINESS WIRE)--U.S. Physical Therapy, Inc. ('USPH' or the 'Company') (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, today reported results for the first quarter ended March 31, 2025. FINANCIAL HIGHLIGHTS Adjusted EBITDA (1) , a non-Generally Accepted Accounting Principles ('GAAP') measure, was $19.5 million for the three months ended March 31, 2025 ('2025 First Quarter'), an increase of $2.8 million, or 16.5%, from $16.8 million in the three months ended March 31, 2024 ('2024 First Quarter') primarily driven by acquisitions since the prior year period and an increase in net patient revenue per visit. , a non-Generally Accepted Accounting Principles ('GAAP') measure, was $19.5 million for the three months ended March 31, 2025 ('2025 First Quarter'), an increase of $2.8 million, or 16.5%, from $16.8 million in the three months ended March 31, 2024 ('2024 First Quarter') primarily driven by acquisitions since the prior year period and an increase in net patient revenue per visit. Net income attributable to USPH's shareholders ('USPH Net Income'), a GAAP measure, was $9.9 million for the 2025 First Quarter compared to $8.0 million in the 2024 First Quarter. In accordance with GAAP, the revaluation of noncontrolling interest, net of taxes, is not included in net income but is charged directly to retained earnings. However, this change is included in the computation of earnings per share. Earnings per share was $0.80 for the 2025 First Quarter compared to $0.46 for the 2024 First Quarter. Operating Results (1) , a non-GAAP measure, was $7.3 million in the 2025 First Quarter compared to $7.7 million in the 2024 First Quarter. On a per share basis, Operating Results was $0.48 in the 2025 First Quarter compared to $0.51 in the 2024 First Quarter. , a non-GAAP measure, was $7.3 million in the 2025 First Quarter compared to $7.7 million in the 2024 First Quarter. On a per share basis, Operating Results was $0.48 in the 2025 First Quarter compared to $0.51 in the 2024 First Quarter. Total revenue from physical therapy operations for the 2025 First Quarter increased $22.0 million, or 16.4%, to $156.4 million. Net rate per patient visit for the 2025 First Quarter was $105.66, increasing $2.29 per visit from $103.37 for the 2024 First Quarter, despite the approximate 2.9% Medicare rate reduction which went into effect on January 1, 2025. Net rate per patient visit also increased sequentially by $0.93 from $104.73 for the three months ended December 31, 2024. The increase in net rate per patient visit reflects the Company's strategic priority of increasing reimbursement rates through contract negotiations with commercial and other payors as well as growing workers compensation as a percent of the Company's overall mix of business. Average daily patient visits per clinic was an all-time first quarter high of 31.4 for the 2025 First Quarter compared to 29.5 in the 2024 First Quarter. Total patient visits were 1,443,805 in the 2025 First Quarter, a 13.9% increase from the 2024 First Quarter. Industrial injury prevention services ('IIP') revenue was $27.4 million for the 2025 First Quarter, an increase of 28.8% as compared to the 2024 First Quarter. IIP gross profit was $5.6 million in the 2025 First Quarter, an increase of $1.3 million, or 29.1%, from $4.3 million in the 2024 First Quarter. During the 2025 First Quarter, the Company added 14 clinics and closed seven clinics bringing its total owned and/or managed clinic count to 773 as of March 31, 2025, compared to 720 as of March 31, 2024. On February 28, 2025, the Company acquired a 65% equity interest in a three-clinic practice with the practice owners retaining a 35% equity interest. The business currently generates $4.3 million in annual revenue and 23,000 in annual visits. On April 30, 2025, the Company announced the acquisition of an outpatient home care physical and speech therapy practice through its 50%-owned subsidiary, MSO Metro, LLC. The practice currently generates approximately $2.1 million in annual revenue. The Company's Board of Directors declared a quarterly dividend of $0.45 per share payable on June 13, 2025, to shareholders of record on May 23, 2025. ___________________________ (1) These are non-GAAP Measures. See pages 11 to 13 of this release for the definition and reconciliation of Adjusted EBITDA, Operating Results and other non-GAAP measures to the most directly comparable GAAP measure. Expand MANAGEMENT'S COMMENTS Chris Reading, Chief Executive Officer, said, 'Despite our weather-impacted start, we had strong referral and visit demand which accelerated nicely as the quarter progressed. Importantly, our insurance renegotiations and workers compensation efforts are giving us a lift as we enter one of the busiest seasonal periods of the year. While we have more work to do, we are encouraged by our start and committed to further progress.' 2025 First Quarter Versus 2024 First Quarter Additional supplemental tables of financial and performance metrics are presented on page 14 of this release. Physical Therapy Operations Three Months Ended Variance March 31, 2025 March 31, 2024 $ % (In thousands, except percentages) Revenue related to: Mature Clinics (1) $ 126,620 $ 128,501 $ (1,881 ) (1.5 )% Clinic additions (2) 25,667 44 25,623 * (7) Clinics sold or closed (3) 260 2,530 (2,270 ) * (7) Net patient revenue 152,547 131,075 21,472 16.4 % Other (4) 3,861 3,350 511 15.3 % Total 156,408 134,425 21,983 16.4 % Operating costs (5) 130,940 110,361 20,579 18.6 % Gross profit $ 25,468 $ 24,064 $ 1,404 5.8 % Financial and operating metrics (not in thousands): Net rate per patient visit (1) $ 105.66 $ 103.37 $ 2.29 2.2 % Patient visits (1) 1,443,805 1,268,002 175,803 13.9 % Average daily visits per clinic (1) 31.4 29.5 1.9 6.4 % Gross margin 16.3 % 17.9 % Salaries and related costs per visit, clinics (6) $ 63.53 $ 61.42 $ 2.11 3.4 % Operating costs per visit, clinics (6) $ 89.28 $ 85.50 $ 3.78 4.4 % (1) See Glossary of Terms - Revenue Metrics for definition. (2) Includes 14 clinics added during the 2025 First Quarter and 103 added during the year ended December 31, 2024. (3) Includes 7 clinics closed during the 2025 First Quarter and 45 clinics closed during the year ended December 31, 2024. (4) Includes revenues from management contracts. (5) Includes costs from management contracts. (6) Excludes costs from management contracts and $0.1 million of certain incentive costs related to the Metro acquisition. Please refer to the reconciliation of non-GAAP measures to the most directly comparable GAAP measure on page 13. (7) Not meaningful. Expand Net revenue from physical therapy operations increased $22.0 million, or 16.4%, to $156.4 million for the 2025 First Quarter from $134.4 million for the 2024 First Quarter. This increase was due to the increase in visits from the 53 net clinics added since the comparable prior year period and an increase in net rate per patient visit, which reflects the Company's strategic priority of increasing reimbursement rates through contract negotiations with commercial and other payors as well as growing workers compensation as a percent of the Company's overall mix of business. Net rate per patient visit for the 2025 First Quarter was $105.66, increasing $2.29 per visit from $103.37 for the 2024 First Quarter, despite the approximate 2.9% Medicare rate reduction which went into effect on January 1, 2025. Net rate per patient visit also increased sequentially by $0.93 from $104.73 for the three months ended December 31, 2024. Operating costs from physical therapy operations increased $20.6 million, or 18.6%, to $130.9 million in the 2025 First Quarter from $110.4 million in the 2024 First Quarter primarily driven by the 53 net clinics added since the comparable prior year period. Salaries and related costs per visit was $63.53 in the 2025 First Quarter compared to $61.42 in the 2024 First Quarter while total operating costs per visit was $89.28 compared to $85.50 over the same periods, respectively. Gross profit from physical therapy operations in the 2025 First Quarter was $25.5 million with a gross profit margin of 16.3% compared to $24.1 million with a gross profit margin of 17.9% in the 2024 First Quarter. Industrial Injury Prevention Services Three Months Ended Variance March 31, 2025 March 31, 2024 $ % (In thousands, except percentages) Net revenue $ 27,380 $ 21,250 $ 6,130 28.8 % Operating costs 21,783 16,913 4,870 28.8 % Gross profit $ 5,597 $ 4,337 $ 1,260 29.1 % Gross margin 20.4 % 20.4 % Expand IIP revenue increased $6.1 million, or 28.8%, to $27.4 million for the 2025 First Quarter as compared to $21.3 million for the 2024 First Quarter. Gross profit from IIP operations in the 2025 First Quarter increased $1.3 million, or 29.1%, to $5.6 million from $4.3 million in the 2024 First Quarter. The gross profit margin from IIP operations was 20.4% in each of the 2025 First Quarter and 2024 First Quarter. Excluding the IIP acquisition made in April 2024, IIP revenue increased by $3.2 million or 15.1% in the 2025 First Quarter and gross profit increased $0.6 million or 13.1% in the 2025 First Quarter over the comparable prior year period. Corporate Office and Other Expenses Corporate office costs increased to $16.2 million in the 2025 First Quarter from $14.1 million in the 2024 First Quarter. This increase was primarily to support the larger number of clinics as well as expenses related to the integration of the Company's recent acquisitions. As a ratio to net revenue, corporate office costs improved to 8.8% in the 2025 First Quarter compared to 9.0% in the 2024 Fourth Quarter. The Company revalued contingent consideration related to certain acquisitions and recognized a net non-cash gain (a decrease in the related liabilities) of $4.8 million in the 2025 First Quarter compared to $0.6 million in the 2024 First Quarter. Operating income was $19.6 million for the 2025 First Quarter compared to $14.9 million for the 2024 First Quarter, an increase of 31.6% over the comparable period. Interest expense increased by $0.3 million to $2.3 million for the 2025 First Quarter compared to $2.0 million in the 2024 First Quarter due to a higher average outstanding balance on our revolving credit facility in the 2025 First Quarter. The interest rate associated with borrowings on the Company's credit facility was 4.9% for the 2025 First Quarter and 4.7% for the 2024 First Quarter, with an all-in effective interest rate, including all associated costs of 5.5% and 5.3% over the same periods, respectively. Interest income was less than $0.1 million during the 2025 First Quarter compared to $1.5 million in the 2024 First Quarter as the cash on the balance sheet at the end of the 2024 First Quarter has been deployed into acquisitions since that time. The Company revalued a put-right liability related to the future purchase of an IIP business and recognized a net non-cash expense (an increase in the related liability) of $0.4 million in the 2025 First Quarter compared to $0.1 million in the 2024 First Quarter. The provision for income taxes was $3.9 million in the 2025 First Quarter compared to $3.1 million during the 2024 First Quarter while the effective tax rate was 28.1% in each of the same periods, respectively. USPH Net Income and Non-GAAP Measures Net income attributable to non-controlling interest (temporary and permanent) was $3.6 million in both the 2025 First Quarter and the 2024 First Quarter. USPH Net Income was $9.9 million for the 2025 First Quarter compared to $8.0 million in the 2024 First Quarter. In accordance with GAAP, the revaluation of redeemable noncontrolling interest, net of taxes, is not included in net income but is charged directly to retained earnings; however, this change is included in the computation of earnings per share. Earnings per share was $0.80 for the 2025 First Quarter compared to $0.46 for the 2024 First Quarter. Non-GAAP Adjusted EBITDA (1) was $19.5 million for the 2025 First Quarter, an increase of $2.8 million or 16.5%, from $16.8 million for the 2024 First Quarter. Non-GAAP Operating Results (1) was $7.3 million, or $0.48 per share, in the 2025 First Quarter compared to $7.7 million, or $0.51 per share, in the 2024 First Quarter. ___________________________ (1) These are Non-GAAP Measures. See pages 11 to 12 of this release for the definition and reconciliation of Adjusted EBITDA and Operating Results measures to the most directly comparable GAAP measure. Expand BALANCE SHEET AND CASH FLOW Total cash and cash equivalents were $39.2 million as of March 31, 2025, compared to $41.4 million as of December 31, 2024, and $132.3 million as of March 31, 2024. The Company had $164.9 million in outstanding borrowings and $147.0 million in available credit under its credit facilities as of March 31, 2025. This compares to $151.6 million of outstanding borrowings and $164.0 million in available credit under its credit facilities as of December 31, 2024. RECENT ACQUISITIONS On February 28, 2025, the Company acquired a 65% equity interest in a three-clinic practice with the original practice owners retaining 35% equity interest. The business currently generates $4.3 million in annual revenue and 23,000 in annual visits. On April 30, 2025, the Company announced the acquisition of an outpatient home care physical and speech therapy practice through its 50%-owned subsidiary, MSO Metro, LLC. The practice currently generates approximately $2.1 million in annual revenue. The Company's strategy is to continue acquiring multi-clinic outpatient physical therapy practices, to develop outpatient physical therapy clinics as satellites in existing partnerships and to continue acquiring companies that provide industrial injury prevention services. QUARTERLY DIVIDEND The Company's Board of Directors declared a quarterly dividend of $0.45 per share payable on June 13, 2025, to shareholders of record on May 23, 2025. CONFERENCE CALL INFORMATION U.S. Physical Therapy's management will host a conference call at 10:30 a.m. ET / 9:30 a.m. CT, on May 8, 2025, to discuss the Company's financial results for the first quarter ended March 31, 2025. Interested parties may participate in the call by dialing (800) 274-8461 (Primary) or (203) 518-9814 (Alternate) and conference ID of USPHQ125. Please call approximately 10 minutes before the call is scheduled to begin. To listen to the live call, go to the Company's website at at least 15 minutes early to register, download and install any necessary audio software. If you are unable to listen live, a playback of the conference call can be accessed until August 7, 2025, on the Company's website. FORWARD LOOKING STATEMENTS This press release contains statements that are considered to be forward-looking within the meaning under Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain forward-looking information relating to the financial condition, results of operations, plans, objectives, future performance and business of our Company. These statements (often using words such as 'believes,' 'expects,' 'intends,' 'plans,' 'appear,' 'should' and similar words) involve risks and uncertainties that could cause actual results to differ materially from those we expect. Included among such statements may be those relating to new clinics, availability of personnel and the reimbursement environment. The forward-looking statements are based on our current views and assumptions and actual results could differ materially from those anticipated in such forward-looking statements as a result of certain risks, uncertainties, and factors, which include, but are not limited to: changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or enrollment status; revenue we receive from Medicare and Medicaid being subject to potential retroactive reduction; changes in reimbursement rates or payment methods from third party payors including government agencies, and changes in the deductibles and co-pays owed by patients; private third-party payors for our services may adopt payment policies that could limit our future revenue and profitability; compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient information, and associated fines and penalties for failure to comply; compliance with state laws and regulations relating to the corporate practice of medicine and fee splitting, and associated fines and penalties for failure to comply; competitive, economic or reimbursement conditions in our markets which may require us to reorganize or close certain clinics and thereby incur losses and/or closure costs including the possible write-down or write-off of goodwill and other intangible assets; the impact of future public health crises and epidemics/pandemics, such as was the case with the novel strain of COVID-19 and its variants; certain of our acquisition agreements contain put-rights related to a future purchase of significant equity interests in our subsidiaries or in a separate company; the impact of future vaccinations and/or testing mandates at the federal, state and/or local level, which could have an adverse impact on staffing, revenue, costs and the results of operations; our debt and financial obligations could adversely affect our financial condition, our ability to obtain future financing and our ability to operate our business; changes as the result of government enacted national healthcare reform; the ability to control variable interest entities for which we do not have a direct ownership; business and regulatory conditions including federal and state regulations; governmental and other third party payor inspections, reviews, investigations and audits, which may result in sanctions or reputational harm and increased costs; revenue and earnings expectations; contingent consideration provisions in certain of our acquisition agreements, the value of which may impact future financial results; legal actions, which could subject us to increased operating costs and uninsured liabilities; general economic conditions, including but not limited to inflationary and recessionary periods; actual or perceived events involving banking volatility or limited liability, defaults or other adverse developments that affect the U.S or the international financial systems, may result in market wide liquidity problems which could have a material and adverse impact on our available cash and results of operations; our business depends on hiring, training, and retaining qualified employees; availability and cost of qualified physical therapists; competitive environment in the industrial injury prevention services business, which could result in the termination or non-renewal of contractual service arrangements and other adverse financial consequences for that service line; our ability to identify and complete acquisitions, and the successful integration of the operations of the acquired businesses; impact on the business and cash reserves resulting from retirement or resignation of key partners and resulting purchase of their non-controlling interest (minority interests); maintaining our information technology systems with adequate safeguards to protect against cyber-attacks; a security breach of our or our third party vendors' information technology systems may subject us to potential legal action and reputational harm and may result in a violation of the Health Insurance Portability and Accountability Act of 1996 of the Health Information Technology for Economic and Clinical Health Act; maintaining clients for which we perform management, industrial injury prevention related services, and other services, as a breach or termination of those contractual arrangements by such clients could cause operating results to be less than expected; maintaining adequate internal controls; maintaining necessary insurance coverage; availability, terms, and use of capital; and weather and other seasonal factors. Many factors are beyond our control. Given these uncertainties, you should not place undue reliance on our forward-looking statements. For additional information regarding these and other risks and uncertainties, that could cause actual results to differ materially from those contained in our forward-looking statements, please refer to 'Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission ('SEC') on March 3, 3025 and any risk factors contained in subsequent quarterly and annual reports we file with the SEC. Our forward-looking statements represent our estimates and assumptions only as of the date of this report. Except as required by law, we are under no obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. GLOSSARY OF TERMS – REVENUE METRICS Mature clinics are clinics opened or acquired prior to January 1, 2024, and are still operating as of the balance sheet date. Net rate per patient visit is net patient revenue related to our physical therapy operations divided by total number of patient visits (defined below) during the periods presented. Patient visits is the number of unique patient visits during the periods presented. Average daily visits per clinic is patient visits divided by the number of days in which normal business operations were conducted during the periods presented and further divided by the average number of clinics in operation during the periods presented. ABOUT U.S. PHYSICAL THERAPY, INC. Founded in 1990, U.S. Physical Therapy, Inc. owns and/or manages 773 outpatient physical therapy clinics in 44 states. USPH clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically-related injuries and rehabilitation of injured workers. USPH also has an industrial injury prevention business which provides onsite services for clients' employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments. More information about U.S. Physical Therapy, Inc. is available at The information included on that website is not incorporated into this press release. U.S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) Three Months Ended March 31, 2025 March 31, 2024 Net patient revenue $ 152,547 $ 131,075 Other revenue 31,241 24,600 Net revenue 183,788 155,675 Operating cost Salaries and related costs 111,249 93,731 Rent, supplies, contract labor and other 33,844 27,904 Depreciation and amortization 5,540 3,885 Provision for credit losses 1,848 1,627 Clinic closure costs - lease and other 242 127 Total operating cost 152,723 127,274 Gross profit 31,065 28,401 Corporate office costs 16,245 14,085 Gain on change in fair value of contingent earn-out consideration (4,822 ) (612 ) Operating income 19,642 14,928 Other (expense) income Interest expense, debt and other (2,279 ) (1,968 ) Interest income from investments 24 1,543 Change in revaluation of put-right liability (404 ) (80 ) Equity in earnings of unconsolidated affiliate 393 271 Loss on sale of a partnership (123 ) - Other 75 62 Total other expense (2,314 ) (172 ) Income before taxes 17,328 14,756 Provision for income taxes 3,860 3,139 Net income 13,468 11,617 Less: Net income attributable to non-controlling interest Redeemable non-controlling interest - temporary equity (2,012 ) (2,227 ) Non-controlling interest - permanent equity (1,557 ) (1,344 ) (3,569 ) (3,571 ) Net income attributable to USPH shareholders $ 9,899 $ 8,046 Basic and diluted earnings per share attributable to USPH shareholders (1) $ 0.80 $ 0.46 Shares used in computation - basic and diluted 15,132 15,017 Dividends declared per common share $ 0.45 $ 0.44 Expand (1) See page 12 of this press release for the calculation of basic and diluted earnings per share. Expand U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (IN THOUSANDS) Three Months Ended March 31, 2025 March 31, 2024 Net income $ 13,468 $ 11,617 Other comprehensive gain: Unrealized (loss) gain on cash flow hedge (1,331 ) 1,781 Tax effect at statutory rate (federal and state) 340 (455 ) Comprehensive income $ 12,477 $ 12,943 Comprehensive income attributable to non-controlling interest (3,569 ) (3,571 ) Comprehensive income attributable to USPH shareholders $ 8,908 $ 9,372 Expand U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (IN THOUSANDS, EXCEPT SHARES AND PER SHARE AMOUNTS) March 31, 2025 December 31, 2024 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 39,183 $ 41,362 Patient accounts receivable, less provision for credit losses of $3,620 and $3,506, respectively 64,760 59,040 Accounts receivable - other 26,136 26,626 Other current assets 15,274 10,555 Total current assets 145,353 137,583 Fixed assets: Furniture and equipment 68,802 68,128 Leasehold improvements 53,504 51,105 Fixed assets, gross 122,306 119,233 Less accumulated depreciation and amortization (89,542 ) (87,093 ) Fixed assets, net 32,764 32,140 Operating lease right-of-use assets 133,197 133,936 Investment in unconsolidated affiliate 12,273 12,190 Goodwill 674,387 667,152 Other identifiable intangible assets, net 177,328 179,311 Other assets 4,385 5,155 Total assets $ 1,179,687 $ 1,167,467 LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, USPH SHAREHOLDERS' EQUITY AND NON-CONTROLLING INTEREST Current liabilities: Accounts payable - trade $ 6,088 $ 5,936 Accrued expenses 68,326 59,513 Current portion of operating lease liabilities 40,124 39,835 Current portion of term loan and notes payable 9,257 10,999 Total current liabilities 123,795 116,283 Notes payable, net of current portion 387 903 Revolving facility 28,000 11,000 Term loan, net of current portion and deferred financing costs 128,851 130,627 Deferred taxes 34,055 29,465 Operating lease liabilities, net of current portion 100,688 101,868 Other long-term liabilities 4,903 18,275 Total liabilities 420,679 408,421 Redeemable non-controlling interest - temporary equity 260,047 269,025 Commitments and Contingencies U.S. Physical Therapy, Inc. ("USPH") shareholders' equity: Preferred stock, $.01 par value, 500,000 shares authorized, no shares issued and outstanding - - Common stock, $.01 par value, 20,000,000 shares authorized, 17,406,426 and 17,309,120 shares issued, respectively 172 172 Additional paid-in capital 292,773 290,321 Accumulated other comprehensive gain 1,783 2,799 Retained earnings 234,161 227,265 Treasury stock at cost, 2,214,737 shares (31,628 ) (31,628 ) Total USPH shareholders' equity 497,261 488,929 Non-controlling interest - permanent equity 1,700 1,092 Total USPH shareholders' equity and non-controlling interest - permanent equity 498,961 490,021 Total liabilities, redeemable non-controlling interest, USPH shareholders' equity and non-controlling interest - permanent equity $ 1,179,687 $ 1,167,467 Expand U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) Three Months Ended March 31, 2025 March 31, 2024 OPERATING ACTIVITIES Net income including non-controlling interest $ 13,468 $ 11,617 Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities: Depreciation and amortization 5,867 4,095 Provision for credit losses 1,848 1,627 Equity-based awards compensation expense 1,771 1,997 Amortization of debt issue costs 106 106 Change in deferred income taxes 5,242 1,943 Change in revaluation of put-right liability 404 80 Gain on change in fair value of contingent earn-out consideration (4,822 ) (612 ) Equity of earnings in unconsolidated affiliate (393 ) (271 ) Loss on sale of fixed assets - 5 Loss on sale of a partnership 123 - Changes in operating assets and liabilities: Increase in patient accounts receivable (7,341 ) (5,124 ) Decrease (increase) in accounts receivable - other 774 (3,985 ) Increase in other current and long term assets (6,209 ) (433 ) Decrease in accounts payable and accrued expenses (14,229 ) (6,678 ) (Decrease) increase in long term liabilities (1,284 ) 52 Net cash (used in) provided by operating activities (4,675 ) 4,419 INVESTING ACTIVITIES Purchase of fixed assets (2,579 ) (1,838 ) Purchase of majority interest in businesses, net of cash acquired (4,211 ) (15,971 ) Purchase of redeemable non-controlling interest, temporary equity (907 ) (2,702 ) Purchase of non-controlling interest, permanent equity - (498 ) Proceeds from the sale of partnership interest - redeemable non-controlling interest, temporary equity 15 67 Proceeds from the sale of non-controlling interest, permanent equity - 23 Proceeds from sale of partnership 700 - Distributions from unconsolidated affiliate 310 367 Other 44 88 Net cash (used in) investing activities (6,628 ) (20,464 ) FINANCING ACTIVITIES Proceeds from revolving facility 17,000 - Distributions to non-controlling interest, permanent and temporary equity (3,653 ) (3,160 ) Payments on term loan (3,750 ) (938 ) Principal payments on notes payable (473 ) (392 ) Net cash provided by (used in) financing activities 9,124 (4,490 ) Net (decrease) in cash and cash equivalents (2,179 ) (20,535 ) Cash and cash equivalents - beginning of period 41,362 152,825 Cash and cash equivalents - end of period $ 39,183 $ 132,290 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Income taxes $ 7,359 $ 367 Interest paid 2,205 1,844 Non-cash investing and financing transactions during the period: Purchase of businesses - seller financing portion - 500 Purchase of redeemable non-controlling interest, temporary equity, recorded in accrued liabilities 6,672 - Fair market value of initial contingent consideration related to purchase of businesses 1,259 - Notes payable related to purchase of redeemable non-controlling interest, temporary equity 89 - Notes receivable related to sale of redeemable non-controlling interest, temporary equity 646 315 Notes receivable related to the sale of non-controlling interest, permanent equity - 243 Offset to notes receivable associated with purchase of redeemable non-controlling interest 180 75 Dividends payable to USPH shareholders 6,836 6,630 Expand U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES ADJUSTED EBITDA AND OPERATING RESULTS The following tables provide details of the basic and diluted earnings per share computation and reconcile net income attributable to USPH shareholders calculated in accordance with GAAP to Adjusted EBITDA and Operating Results. The tables also provide a reconciliation of additional non-GAAP measures to the most comparable GAAP measure. Management believes providing Adjusted EBITDA and Operating Results to investors is useful for comparing the Company's period-to-period results as well as for comparing with other similar businesses since most do not have redeemable instruments and therefore have different equity structures. Management uses Adjusted EBITDA and Operating Results, which eliminate certain items described above that can be subject to volatility and unusual costs, as the principal measures to evaluate and monitor financial performance period over period. Adjusted EBITDA, a non-GAAP measure, is defined as net income attributable to USPH shareholders before interest income, interest expense, taxes, depreciation, amortization, change in fair value of contingent earn-out consideration, changes in revaluation of put-right liability, equity-based awards compensation expense, clinic closure costs, business acquisition related costs, costs related to a one-time financial systems upgrade, loss on sale of a partnership and other income and related portions for non-controlling interests. Operating Results, a non-GAAP measure, equals net income attributable to USPH shareholders less, changes in revaluation of a put-right liability, clinic closure costs, loss on sale of a partnership, changes in fair value of contingent earn-out consideration, business acquisition related costs, costs related to a one-time financial systems upgrade and any allocations to non-controlling interests, all net of taxes. Operating Results per share also excludes the impact of the revaluation of redeemable non-controlling interest and the associated tax impact. Adjusted EBITDA and Operating Results are not measures of financial performance under GAAP. Adjusted EBITDA, Operating Results and other non-GAAP measures should not be considered in isolation or as an alternative to, or substitute for, net income attributable to USPH shareholders presented in the consolidated financial statements. U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES ADJUSTED EBITDA, OPERATING RESULTS AND EARNINGS PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) Three Months Ended March 31, 2025 March 31, 2024 Adjusted EBITDA (a non-GAAP measure) Net income attributable to USPH shareholders $ 9,899 $ 8,046 Adjustments: Provision for income taxes 3,860 3,139 Depreciation and amortization 5,867 4,095 Interest expense, debt and other, net 2,279 1,968 Interest income from investments (24 ) (1,543 ) Equity-based awards compensation expense 1,771 1,997 Change in revaluation of put-right liability 404 80 Change in fair value of contingent earn-out consideration (4,822 ) (612 ) Clinic closure costs (1) 242 126 Business acquisition related costs (2) 480 - ERP implementation costs (3) 62 - Loss on sale of a partnership 123 - Other loss (income) (75 ) (62 ) Allocation to non-controlling interests (527 ) (463 ) $ 19,539 $ 16,771 Operating Results (a non-GAAP measure) Net income attributable to USPH shareholders $ 9,899 $ 8,046 Adjustments: Change in fair value of contingent earn-out consideration (4,822 ) (612 ) Change in revaluation of put-right liability 404 80 Clinic closure costs (1) 242 126 Business acquisition related costs (2) 480 - ERP implementation costs (3) 62 - Loss on sale of a partnership 123 - Allocation to non-controlling interest (10 ) (16 ) Tax effect at statutory rate (federal and state) 935 108 $ 7,313 $ 7,732 Operating Results per share (a non-GAAP measure) $ 0.48 $ 0.51 Earnings per share Computation of earnings per share - USPH shareholders: Net income attributable to USPH shareholders $ 9,899 $ 8,046 Charges to retained earnings: Revaluation of redeemable non-controlling interest 2,903 (1,439 ) Tax effect at statutory rate (federal and state) (742 ) 368 $ 12,060 $ 6,975 Earnings per share (basic and diluted) $ 0.80 $ 0.46 Shares used in computation - basic and diluted 15,132 15,017 Expand ___________________________ (1) Costs associated with the closure of seven and six clinics during the 2025 First Quarter and the 2024 First Quarter, respectively. (2) Primarily consists of legal and consulting expenses related to the acquisitions of equity interests in certain partnerships. (3) Consists of costs related to a one-time financial systems upgrade. Expand U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES TO THE MOST COMPARABLE GAAP MEASURES (IN THOUSANDS, EXCEPT PER SHARE DATA AND PERCENTAGES) The tables below reconcile other non-GAAP measures to the most directly comparable GAAP measures. Three Months Ended March 31, 2025 As Reported (GAAP) Adjustments (1) As Adjusted (Non-GAAP) (in thousands, except percentages) Segment information - Physical Therapy Operations Salaries and related costs, clinics (2) $ 91,799 $ (75 ) $ 91,724 Operating costs, clinics (2) $ 128,971 $ (75 ) $ 128,896 Gross profit $ 25,468 $ 75 $ 25,543 Gross margin 16.3 % * 16.3 % Number of visits 1,443,805 1,443,805 Salaries and related costs per visit, clinics $ 63.58 $ (0.05 ) $ 63.53 Operating costs per visit, clinics $ 89.33 $ (0.05 ) $ 89.28 Expand ___________________________ (1) Certain incentive costs related to the Metro acquisition. We believe that presenting this information will allow investors to evaluate the performance of the Company's business more objectively. (2) Excludes costs related to management contracts. * Not meaningful Expand U. S. PHYSICAL THERAPY, INC. AND SUBSIDIARIES SUPPLEMENTAL FINANCIAL AND PERFORMANCE METRICS Revenue Metrics Number of Clinics(2) Net Rate Per Visit(1) Visits(1) Average Visits Per Day(1) 2025 2024 2025 2024 2025 2024 2025 2024 First quarter 736 679 $105.66 $103.37 1,443,805 1,268,002 31.4 29.5 Second quarter - 681 - $105.05 - 1,335,335 - 30.6 Third quarter - 661 - $105.65 - 1,317,051 - 30.1 Fourth Quarter - 729 - $104.73 - 1,432,801 - 31.7 Year - 729 - $104.71 1,443,805 5,353,189 - 30.4 Expand Clinic Count Roll Forward (2) Three Months Ended March 31, 2025 March 31, 2024 Number of clinics owned or managed, beginning of period 729 671 Additions (3) 14 14 Closed or sold (7 ) (6 ) Number of clinics owned or managed, end of period 736 679 Expand ___________________________ (1) See definition of the metrics above in the Glossary of Terms – Revenue Metrics section on page 6. (2) The Company also manages clinics owned by third parties through management contracts. In addition to the clinic count shown above, as of March 31, 2025, the Company managed 37 clinics bringing the total owned/managed clinics to 773. As of March 31, 2024, the Company managed 41 clinics bringing the total owned/managed clinics to 720. (3) Includes clinics added through acquisitions. Expand
Business Wire
30-04-2025
- Business
- Business Wire
U.S. Physical Therapy Announces the Acquisition of an Outpatient Home Care Physical and Speech Therapy Practice
HOUSTON--(BUSINESS WIRE)--U.S. Physical Therapy, Inc. (the Company') (NYSE: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, announced the acquisition of an outpatient home care practice that provides physical, occupational, and speech therapy through its 50%-owned subsidiary, MSO Metro, LLC ('Metro'). The practice currently generates approximately $2.1 million in annual revenues. Metro acquired an 80% interest in the acquired company with the current owners retaining a 20% ownership interest. Eric Williams, President and Chief Operating Officer-East, said, 'We are extremely excited to further extend our outpatient reach with the ability to now provide physical therapy, occupational therapy, and speech therapy services to patients in the comfort of their homes on a broader scale in the northeast. We see the expansion of homecare-based outpatient therapy as a natural extension to the clinic-based services we already provide and remain enthusiastic around opportunities to further grow this service line.' About U.S. Physical Therapy, Inc. Founded in 1990, U.S. Physical Therapy, Inc. owns and/or manages 773 outpatient physical therapy clinics in 44 states. USPH clinics provide preventative and post-operative care for a variety of orthopedic-related disorders and sports-related injuries, treatment for neurologically related injuries and rehabilitation of injured workers. USPH also has an industrial injury prevention business which provides onsite services for clients' employees including injury prevention and rehabilitation, performance optimization, post-offer employment testing, functional capacity evaluations, and ergonomic assessments. More information about U.S. Physical Therapy, Inc. is available at The information included on that website is not incorporated into this press release.
